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Enapter AG (H2O) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Enapter AG stock €0.69, price €0.91, that is 24.3% below the price, quality 18 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Industrials DE · ISIN DE000A255G02

EA Enapter AG logo Thin data Nov 9, 2026

Enapter AG

H2O · XETRA
Expensive, weak quality

Our calculation puts a fair price 24% below what the stock costs today.

Revenue last quarter +92% vs. a year ago.
Expensive Growth (revenue 5y +60.6 %/yr in EUR)
Moderate debt
Mixed vs. peers (4/9)
Fair value €0.6900 · Overvalued
Quality 18/100
Loss-making · -181.1% net margin (TTM)
Negative free cash flow
Narrow moat 8/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€29.63 €0.8900 Fair Value €0.6900 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range €0.8900 – €29.63 · fair‑value band €0.5100 – €1.03 · the €0.9120 price screens above the €0.6900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Enapter AG designs, manufactures, and sells hydrogen generators. The company offers patented and iridium-free anion exchange membrane electrolysers; AI software; and energy management systems. Its electrolysers are used in energy storage, mobility, industry, research, and testing sectors.

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The company was formerly known as S&O Beteiligungen AG and changed its name to Enapter AG in November 2020. Enapter AG was founded in 1998 and is based in Hamburg, Germany.

Stock analysis

Enapter AG (H2O) currently trades at €0.9120, while our model-based Fair Value estimate is €0.6900, 24% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 92/100, which puts the data coverage at low.

Scenario range: €0.5100 (bear) to €1.03 (bull), the price of €0.9120 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 18/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Enapter AG reported revenue of €22.1M in FY2025 versus €8.4M in FY2021, a compound +27.2%/yr. Reported net income was −€32.2M in FY2025.

Key figures

Market cap €29.2M Micro · P/S ratio 1.09 · EPS (TTM) €−1.58 · Net margin −146% · Return on equity −133% · Return on assets (EBIT) −11.7% (5-year average) · Operating margin −272% · Revenue (TTM) €27.3M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 65% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −47% fair-value upside, at −24%, H2O screens cheaper than that median.

Fair Value models

Bear €0.5100 Fair Value €0.6900 Bull €1.03
Price €0.9120 · Downside -24.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) €0.5100 €0.6900 €1.03 54
All 1 models by family
Asset-Based
NCAV (Graham) €0.5100 €0.6900 €1.03 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 18/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 16
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 32
Debt, balance sheet and risk of trouble
Investment 65
Does it invest with discipline instead of growing at any price?
Low Volatility 58
How calm the share price moves, does not count
Price momentum 12
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 15
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+3.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+60.6%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+157.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−175.8% (2020) → −127.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

H2O screens overvalued: fair value 24% below the price. Compare with SIE →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Industrial Machinery · 812 stocks

Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 18 · Bottom 25%
Fair Value upside −24.3% · Above median
Profitability
Return on assets −22.8% · Bottom 25%
Net margin (12 months) −181.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 92.2% · Top 25%
Balance sheet
Debt / equity 0.66× · Highest 25%

Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper

P/B 0.59× · Cheapest 25%
P/S (12 months) 1.07× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)1 · sector 0
FUTURE (revenue growth)100 · sector 30
PAST (return on equity)0 · sector 28
HEALTH (low debt)67 · sector 96
DIVIDEND (yield)0 · sector 29

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Cummins Inc CMI $466.47 $359.36 −23% vs H2O
SIE SIE €271.00 €149.56 −45% vs H2O
Illinois Tool Works Inc ITW $286.73 $154.30 −46% vs H2O
Sandvik AB SAND kr 362.90 kr 194.33 −46% vs H2O
AMETEK, Inc AME $238.24 $125.74 −47% vs H2O
Parker-Hannifin Corporation PH $956.59 $492.92 −48% vs H2O
Rockwell Automation, Inc ROK $389.36 $186.75 −52% vs H2O
Emerson Electric Co EMR $169.52 $79.99 −53% vs H2O
Eaton Corporation ETN $359.30 $156.90 −56% vs H2O
GE Vernova Inc GEV $829.34 $143.50 −83% vs H2O

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Enapter AG: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Enapter AG Fair Value". https://www.fairvalue-calculator.com/stock/H2O

Frequently asked questions

Is Enapter AG (H2O) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €0.6900 versus a price of €0.9120, about 24% lower (overvalued).
What is the fair value of H2O?
Our model-based fair value for Enapter AG is €0.6900 (as of Nov 9, 2026), built from audited fundamentals. The current price: €0.9120.
What is the quality score of H2O?
Enapter AG has a Quality Score of 18/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Enapter AG (H2O)?
Our model-based price target is the fair value of €0.6900 (as of Nov 9, 2026) from 1 valuation models. Cautious scenario €0.5100, optimistic scenario €1.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Enapter AG stock forecast for 2026?
Our models put fair value at €0.6900, about 24% lower versus a price of €0.9120 (overvalued). Cautious scenario €0.5100, optimistic scenario €1.03. The calculation is refreshed regularly with new filings.
What is the revenue of Enapter AG (H2O)?
Enapter AG reported trailing-twelve-month revenue of about €27.3M (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Enapter AG (H2O)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enapter AG it is €0.6900 per share (as of Nov 9, 2026), against a price of €0.9120. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Enapter AG stock overvalued or undervalued in 2026?
As of Nov 9, 2026, H2O trades above its calculated fair value: price €0.9120, fair value €0.6900, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of H2O?
No. The price is what the market pays today (€0.9120); the fair value is what the company's own numbers justify (€0.6900). For Enapter AG the two are €0.2220 per share apart. That gap is exactly why we show both numbers side by side.
How much is Enapter AG worth?
The market values Enapter AG at about €29.2M (market capitalisation, as of Nov 9, 2026). Per share that is €0.9120; our models calculate a fair value of €0.6900 per share.
What do the bullish and bearish scenarios say about H2O?
Our models span a range for Enapter AG: cautious scenario €0.5100, base €0.6900, optimistic €1.03 per share (as of Nov 9, 2026, price €0.9120). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Enapter AG (H2O)?
Balance-sheet figures for Enapter AG (as of Nov 9, 2026): return on equity −132.7%, debt of 0.66 per unit of equity. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is H2O from its 52-week high?
Enapter AG trades at €0.9120, about 65% below its 52-week high of €2.63 and 2% above the low of €0.8900 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €0.6900 is for.
Which stocks are comparable to Enapter AG?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Enapter AG stock attractive at the current price?
The data as of Nov 9, 2026: price €0.9120, calculated fair value €0.6900 (−24%), Quality Score 18/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of H2O calculated?
We run Enapter AG through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of €0.6900 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.7% above its aggregate fair value. Enapter AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Enapter AG (H2O)?
The closing price on Nov 9, 2026 was €0.9120. Our model-based fair value is €0.6900, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enapter AG right now?
Weak quality (18/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€0.5100 to €1.03) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Enapter AG

How large is the market capitalisation of Enapter AG (H2O)?
The market capitalisation of Enapter AG is €29.2M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Enapter AG (H2O)?
The price-to-sales ratio of Enapter AG is 1.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enapter AG (H2O)?
Earnings per share at Enapter AG are €−1.58. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Enapter AG (H2O)?
The net margin of Enapter AG is −146% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Enapter AG (H2O)?
The return on equity (ROE) of Enapter AG is −133% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Enapter AG (H2O)?
On an EBIT basis the return on assets of Enapter AG is −11.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Enapter AG (H2O)?
The operating margin of Enapter AG is −272% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enapter AG (H2O)?
Revenue at Enapter AG is growing +92.2% versus a year earlier (3y avg +14.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Enapter AG (H2O) generate?
The free cash flow of Enapter AG is −€7.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Enapter AG (H2O) carry?
The net debt of Enapter AG is €32.0M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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